How Safe Is Bank Cheque? Selling Car

kashxpert on 07/06/2018 - 20:36
Last edited 14/06/2018 - 07:00

Hi Guys,

I am selling my car and interstate buyer is interested in purchasing it. He has already transferred me couple Ks to my bank account as a deposit and rest he said he will bring Bank Cheque.

My problem is he is coming over on Sunday and Monday is Public holiday. I won't be able to get to bank till Tuesday to settle it.

How safe are bank cheques?

What if buyer calls the bank and cancels Bank Cheque before I could cash it? What if buyer claims he lost the cheque and bank would cancel it? Where do I stand now?

It might all be okay, I am just nervous since the amount is over 35K.

I don't expect him to bring me 35K cash so Bank Cheques are the best options usually but what can I do to protect myself against any potential frauds?

UPDATE: Guy did come yesterday evening to pick up the car, he was very nice and provided me NAB bank cheque and a receipt of the cheque as well. I gave him a handwritten receipt of the sale mentioning sale was subject to bank cheque number ***** clearance.
I havent given him rego papers signed, I will post it to him when funds are clear. I think it's all fine.
Thank you so much for all the comments, really helped.

UPDATE 2: Cheque cleared all went well, PHEW! Thanks so much guys

Financial Car

Comments

  • hasher22 on 11/06/2018 - 02:31
    -1

    Wouldn't you accept it, bank it and wait until it clears into your bank account 100% by thursdays/friday? That's what i'll do

    • Mitch889 on 11/06/2018 - 11:57

      Not really an option when the buyer has flown in. You really think they’re going to wait around for 2-4 days?

  • kenunderscore on 11/06/2018 - 12:27
    -1

    There's been a couple car thefts with bank cheques happening in Melbourne recently. 21yo kid was posing to buy modded up/expensive cars in the 20-50k price range who would pay a small deposit to ride or take home for the day sort of thing. After he would pay with a bank cheque that clears in the bank account, the owner of the car would sign over the papers and withdraw the cash, and then a day or two later his account would be in negative because the bank cheque was cancelled or withdrawn. This happened to at least 3 people i knew, all cars stolen from the same kid. I'm not sure of the conditions that allow you to cancel a cheque (maybe stolen someone elses book), but considering the car owner even withdrew the money and had to pay it back AND was in loss of a car, it's a possibility.

    (For those who are wondering: Yes he handed over his license before driving and one of the owners actually kept the license as he stole on a test drive, and yes after over a year of car stealing he has been caught)

    • jackspratt on 11/06/2018 - 23:08

      This happened to at least 3 people i knew, all cars stolen from the same kid.

      That is truly a remarkable coincidence ………. same kid, same cars, same MO.

      But you can't remember how many.

    • HighAndDry on 12/06/2018 - 16:27

      I'm not sure of the conditions that allow you to cancel a cheque (maybe stolen someone elses book)

      If it's come out of a cheque book, it's a personal cheque, not a bank cheque. And yes, personal cheques are utterly worthless as far as I'm concerned.

  • HighAndDry on 18/06/2018 - 11:56

    UPDATE: Guy did come yesterday evening to pick up the car, he was very nice and provided me NAB bank cheque and a receipt of the cheque as well. I gave him a handwritten receipt of the sale mentioning sale was subject to bank cheque number ***** clearance.
    I havent given him rego papers signed, I will post it to him when funds are clear. I think it's all fine.
    Thank you so much for all the comments, really helped.

    UPDATE 2: Cheque cleared all went well, PHEW! Thanks so much guys

    Great to hear, and glad it all worked out. Good thought adding the "subject to bank cheque clearing line" (I'm not sure legally it helps, but it would deter 99% of potential scammers). Also good on the buyer taking a risk not taking the signed car rego until later, but with the signed receipt, both of you were pretty well protected.

    Thanks for the update!

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